SUNEX Network Token Sale comes to a close
The token sale event for the Sun Exchange SUNEX digital rewards network token has officially come to a close. Through the token sale, we ultimately allocated 28,485,478 SUNEX tokens (equivalent to $1,068,205).To everyone who participated in the sale and is now a SUNEX token holder -- thank you! We deeply appreciate your support of Sun Exchange and of the global transition to clean energy.
We know many of you share our disappointment that, in the midst increasingly challenging ICO market conditions, we ultimately did not allocate the number of tokens we initially targeted. However, along with our peers across the industry, we’ve learned a lot from running an ICO and there are important wins and benefits as a result of the token sale that are worth highlighting:
- Increased User Base: The most important objective of the token sale has always been growing our user base. We're happy to report that through the sale, we have effectively doubled our user base and the Sun Exchange platform now boasts members from more than 130 countries around the world! Through the SUNEX token rewards program, those users experience on the platform and Sun Exchange portfolio will be optimized to deliver maximum value.
- Increased Exposure and Visibility: Sun Exchange also gained massive exposure across the global cryptocurrency and blockchain industries. We spent the last year presenting on stages in San Francisco, Las Vegas, Malta, London, Singapore and beyond, introducing audiences around the world to Sun Exchange and how blockchain-based finance can drive solar power proliferation.
Given that we didn't hit the SUNEX token sale soft cap, there are also some more challenging implications that must be considered, along with our plans to address those challenges:
- Fundraising: We’re continuing to raise capital by seeking external equity investments to allow us to continue building out the Sun Exchange business.
- Solar Project Relocation Fund (SPRF) and SUNEX Token Staking: For now, unfortunately, we are unable to create the Solar Project Relocation Fund. However, we believe staking is an important functionality for SUNEX tokens and our team is hard at work designing a new, alternative solution to enable a staking mechanism that we hope to get live in the same timeframe as the SPRF would have, by September 2019. Watch this space for more details on this in the near future.
In terms of next steps for token holders, here’s what you need to know:
- Complete KYC: Make sure you have completed your KYC. To do so, login to you dashboard and click on the “Please Verify Identity” button and follow the instructions.
- Add an Ethereum address: Ensure that you have added your Ethereum address to your dashboard, so that we know where to send your SUNEX tokens.
IMPORTANT: Please do not use an exchange address such as Coinbase, Luno, Binance, Bittrex etc. If you do, your SUNEX tokens may be irretrievably lost. You must control the private keys of the address you submit.
If you haven't setup an Ethereum address yet and need some help, please consult one of the following guides:
imToken - An Android and iOS mobile app
MyEtherWallet - A browser interface
- Rewards Program: Although the rewards program isn’t live on the platform yet, our team is hard at work building it out. Token holders need not worry about missing out on potential rewards as we will carefully track purchases and activity on the platform and will apply all SUNEX-related rewards and discounts retroactively. Once the rewards program is up and running, you’ll be the first to know.
- Powerhive Partnership: Although we are unable to pre-finance solar projects through token sale proceeds as we had originally hoped, our partnership with Powerhive remains. We look forward to leveraging that partnership to host Powerhive mini-grids on the Sun Exchange platform and bring clean, affordable energy to rural communities in Kenya.
- Future Opportunities: If you were unable to participate in the token sale but still hope to get your hands on SUNEX tokens to maximize your Sun Exchange user experience, you’re in luck! There will be future opportunities to gain SUNEX tokens by using the Sun Exchange platform and, in the near future, through cryptocurrency exchanges.
The entire digital currency and blockchain market has had a bumpy ride (to say the least) over the last year. Any innovation with such massively disruptive potential inevitably goes through obstacles and setbacks as it matures and finds its footing. Yet, with everything we learned through the SUNEX token sale, we are more certain than ever that blockchain will be critical to driving the solar revolution that our planet so desperately needs.
Thanks again to everyone who participated in the token sale and supports the Sun Exchange vision. This journey is just getting started and we’re excited for what the future holds!